Guinea has some of the world’s largest high-grade bauxite and iron ore reserves, but due to political economy challenges and infrastructure deficits, the country has been unable to fully benefit from its mineral resources. In terms of mineral resources, the country remains largely untapped and compared to other mineral rich African countries Guinea receives less investments in the sector.
Gold was the first mineral mined in Guinea and reserves are estimated at between 1 000 to 2 000 tones with most deposits located in the Northern side of the country. A study of gold mining in Guinea Conakry reveals that the economic value of artisanal gold mining in 2018 was estimated at $300 million.
A so called Faleme gold belt passes through the territory of Guinea. It runs from the north-west to the south-east of Africa and includes rich deposits of gold. The main gold deposits of Guinea are in the north-east of the country. Our concession is directly located along the Faleme gold belt. Mostly, the gold mining was started in the country in the 80s. In contrast to some other countries, the exploration of a lot of deposits was completed in Guinea, while the share of developed deposit is small.